Mortgage insurer to axe 400 jobs

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One of the country's largest mortgage insurers has announced it will shed 400 jobs in a bid to cut expenses.

Genworth has today announced it will eliminate around 400 positions, including 150 open positions that will not be filled. In addition to the job cuts, the insurer said it would reduce its related spend on information technology.

The cuts are expected to save Genworth between $80 and $90 million. The company's president and CEO Tom McInerney said the job cuts were a difficult but necessary choice.

"These are very difficult decisions to make but the changes are essential to our ongoing work to improve the performance of our businesses and deliver value to our shareholders," McInerney said.

McInerney vowed that the company would "provide support" to impacted employees and "ensure they are treated with the utmost respect".

"We do not believe these actions significantly change our previously disclosed views on performance in 2013, but anticipate them to have a more meaningful impact in future years," he added.